● MARCUS & MILLICHAP
Conway Capital buys Two Bridges buildings
Abe Cohen’s Conway Capital has acquired two walk-up buildings in the Two Bridges neighborhood for $14 million.
Peter Von Der Ahe, Joe Koicim and Jared Bernstein of the New York Multifamily Group at Marcus & Millichap brokered the sale of
21-23 Catherine Street (pictured top).
The two mixed-use walkup buildings contain 30 residential units and three commercial units across 21,258 s/f. The sale price equates to $659 psf with a 6.46 percent cap rate.
Marcus & Millichap represented both buyer and seller, RA Cohen & Associates.
Conway Capital is an investment and management firm that grew from the legendary COnway discount stores empire.
Since its founding in 2016 by Abe Cohen, Conway has acquired more than 15 buildings and 400 apartments with a cumulative market value of over $250 million.
● MARCUS & MILLICHAP
Storage facility trades for $19M
Marcus & Millichap announced the sale of a self-storage/mixed-use property located in West Caldwell, NJ, for $19,250,000.
Alan Cafiero, Ben Sgambati and Nicholas Bocchi, investment specialists in the firm’s New Jersey office, represented the seller and buyer, both private investors.
The property is located at 670 Passaic Avenue, West Caldwell, NJ.
“Industrial space and self-storage have separately been viewed as two of the most appealing product types in the market with very predictable, durable cash flow,” said Cafiero.
“The excellent location and quality of the asset drew multiple offers from the marketplace and an all cash closing with a very qualified, local buyer.”
The property has a combination of 41,000 s/f of self-storage and 67,000 s/f of industrial/warehouse.
Clarion fund closes on industrial sale-leaseback
A fund managed by Clarion Partners has acquired a 183,000 s/f fully leased industrial warehouse and distribution property at 100 Friars Blvd. in West Deptford, New Jersey.
JLL Capital Markets brokered the $20.2 million sale of a the property on behalf of the seller, ICS Corporation, Inc.
The Clarion Partners Real Estate Income Fund Inc. (CPREIF) purchased the asset as its second investment.
The property is the headquarters for ICS Corporation, who at closing executed a long-term leaseback of the facility.
Situated on 12.69 acres, 100 Friars Blvd. is approximately 15 miles from center City Philadelphia and has access to the entire Mid-Atlantic region from its position between the New Jersey Turnpike’s Exits 2 and 3.
The asset is located within the Mid-Atlantic Corporate Center, a master-planned industrial park in the South New Jersey Industrial submarket.
The building features 22- to 24-foot clear heights, 19 loading doors, one drive-in door, ESFR fire protection, low office finish and ample parking.
The JLL Industrial Capital Markets team representing the seller was led by John Plower and Jim Cadranell with Ryan Cottone and Zach Maguire.
LA investor acquires W’burg site
JLL Capital Markets has closed the sale of 167 North 1st Street in Williamsburg for Stanislaw Rys/Kevsta Inc.
Gemini Rosemont Commercial Real Estate acquired the mixed-use development site for $18.2 million.
Permits have been filed for a seven-story residential building on the site currently occupied by a single-story, 13,867 s/f warehouse with 17 ft. ceilings and multiple curb cuts.
The property offers more than 37,000 buildable square feet of developable rights or nearly 50,000 buildable square feet with 20 percent on-site or off-site affordable housing.
It has 200 feet of frontage along North 1st Street and is located six blocks from the Bedford Avenue L Train Station.
The JLL professionals who represented Stanislaw Rys/Kevsta Inc. included Brendan Maddigan and Stephen Palmese; Winfield Clifford, Michael Mazzara and Ethan Stanton and Patrick Madigan. LA-based Gemini Rosemont is an investment manager with a portfolio of office properties.
“We started our development business with the objective of expanding our real estate expertise beyond the role of owner/operator,” said Ian Brownlow, Gemini Rosemont’s chief executive officer.
“This acquisition reinforces our commitment to grow the company’s ground-up development capabilities and pipeline.”
● CUSHMAN & WAKEFIELD
Shopping center fetches $22M
Cushman & Wakefield has arranged the sale of Denville Commons, a 73,000 s/f grocery-anchored shopping center in Denville, NJ.
Situated on 9 acres at 3130 Route 10, Denville Commons was acquired by Longpoint Realty Partners from Denville Commons Associates LP.
C&W represented the seller and procured the buyer in the $22.6 million trade orchestrated by East Rutherford-based investment sales specialists Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Max Helfman and Seth Pollack, along with Andrew Schwartz of the firm’s Morristown office.
“In today’s evolving retail landscape, co-tenancies that include food, experiential entertainment, fitness, personal services and other non-traditional uses are key to maintaining a shopping center’s competitive positioning,” said Bernhaut.
Anchored by Corrado’s Market, the center was 90 percent leased at the time of the sale to 16 tenants, including Goldfish Swim School, Orangetheory Fitness, Kidville, Bach to Rock, Alexis Diner, Bensi and Verizon, among others.